As Amended
SEC. 79-5-3. Definitions.
Except where the context clearly ascribes a different meaning, the following words and phrases, when used in this chapter, shall mean:
(a) "Corporation"-a Mississippi business and industrial development corporation created under this chapter.
(b) "Financial Institution"-any banking corporation or trust company, building and loan association, credit union, insurance company or related corporation, partnership, foundation, and such other institution as may be defined as a "financial institution" by the board of directors.
(c) "Member"-any financial institution authorized to do business within this state, which shall undertake in its discretion to lend money to a corporation created under this chapter in accordance with the provisions of this chapter.
(d) "Board of Directors"-a board of directors of a corporation created under this chapter.
(e) "Loan Limit"-the maximum amount permitted to be outstanding at any one time on loans made by a member to the corporation as determined under the provisions of this chapter.
(f) "Stockholder"-any person, firm, corporation, partnership, association, or financial institution, owning or holding stock in a corporation organized hereunder.
SOURCES: Codes, 1942, Sec. 5390-02; Laws, 1960, ch. 186, Sec. 2, eff from and after passage (approved March 23, 1960).